Console Positions report
Overview
The Console Positions report displays a Zerodha client’s open trading positions – that is, trades that have been executed but not yet squared off or settled. It covers intraday equity positions (MIS, BO, CO product types on Kite Zerodha), futures positions, options positions (both long and short), currency derivative positions, and commodity derivative positions. The report is updated in near real time during market hours and represents the current exposure of the client across all active segments.
Unlike Holdings, which reflect settled, demat-credited securities, Positions reflects open risk: quantities that must be squared off before or at expiry to avoid physical delivery obligations (in the case of stock derivatives) or automatic closure by the broker (in the case of intraday margin trades that cannot be carried forward overnight without sufficient margin).
The Positions view on Zerodha Console is primarily intended for end-of-day and historical reference. Real-time position management during market hours is done through the Kite web or mobile trading platform.
Data fields in the Positions report
Day positions view
The Day Positions view shows all positions opened (and potentially squared off) on the current trading day:
| Field | Description |
|---|---|
| Instrument | Scrip, contract, or option series |
| Product | MIS (intraday), CNC (delivery), NRML (carryforward), BO, CO |
| Quantity | Net open quantity (positive for long, negative for short) |
| Buy qty | Total buy quantity transacted today |
| Sell qty | Total sell quantity transacted today |
| Avg buy price | Weighted average price of all buy executions |
| Avg sell price | Weighted average price of all sell executions |
| Day P&L | Unrealised (for open qty) and realised (for squared-off portion) P&L |
| LTP | Last traded price |
Net positions view
The Net Positions view consolidates positions across days for carryforward trades (NRML product type in F&O):
| Field | Description |
|---|---|
| Instrument | Contract description |
| Quantity | Net open quantity |
| Avg cost | Weighted average entry price across all entry days |
| LTP | Last traded price |
| MTM P&L | Mark-to-market unrealised P&L |
| Day’s change | Intraday price movement impact on the position |
| Value | Total notional value (for futures) or premium (for options) |
How to access the Positions report on Console
- Log in to Zerodha Console at
console.zerodha.com. - Navigate to Portfolio > Positions in the left navigation.
- Select Day or Net view using the tabs.
- Use the date filter to view historical position snapshots (for carryforward positions, the report shows the state as of end-of-day for the selected date).
Historical position data for F&O trades is also accessible through the Tradebook by filtering the F&O segment, which provides entry and exit trades rather than a position-level view.
Distinction between positions and holdings
The separation between positions and holdings reflects a fundamental accounting distinction:
Holdings represent settled ownership. A share purchased on trade date T and settled on T+1 moves from “pending” to Holdings on T+1 afternoon after CDSL or NSDL credits the demat account. Holdings carry an indefinite time horizon unless the investor sells.
Positions represent open trading obligations. They arise when an order is executed but the resulting economic exposure has not yet been closed. Every position must eventually be resolved by one of three means:
- Squaring off (taking the opposite trade before expiry or end-of-day).
- Physical delivery at expiry (for eligible contracts; compulsory in stock F&O from October 2019 for in-the-money options and futures at expiry).
- Cash settlement at expiry (for index F&O, currency, and commodity contracts so designated).
An intraday equity position (MIS product type) that is not squared off by 3:15 PM on NSE is auto-squared off by Zerodha’s risk management system to prevent overnight exposure on a margin position.
F&O specific considerations
Mark-to-market (MTM) settlement
For futures positions held overnight (carryforward), the exchange performs daily MTM settlement. At the end of each trading day, futures positions are marked to the exchange settlement price. If the price has moved against the position, the resulting loss is debited from the client’s account (shown as an MTM debit in the Funds statement). If the price has moved favourably, an MTM credit is received. This daily cash flow makes the Positions report’s cumulative MTM P&L a key risk-monitoring metric for F&O traders.
Options premium accounting
For long options positions, the total premium paid is the maximum possible loss (the option may expire worthless). The Positions report shows this as a debit to the account (premium paid on the entry date). For short options (sold/written), the premium received is an immediate cash credit, but the position carries theoretically unlimited risk (for naked short calls) or substantial risk (for short puts). The MTM P&L on a short option position reflects the change in premium since entry.
Physical delivery risk
Stock futures and in-the-money stock options held until expiry are subject to compulsory physical delivery under NSE and BSE regulations (introduced progressively from 2018 to 2019). The Positions report flags contracts approaching expiry with delivery obligations. Clients must ensure adequate holdings or cash to meet delivery requirements; failing to do so results in auction penalties.
Position limits
SEBI and exchange rules impose position limits per client, per broker, and at the market level for each contract. Clients who approach position limits receive notifications on the trading platform. The Positions report does not display limit-consumed percentages directly, but Zerodha’s risk management team monitors these and may call for additional margin.
Regulatory framework
The reporting and monitoring of client positions is governed by:
- SEBI (Stock Brokers) Regulations, 1992 – brokers must maintain records of client positions and margins.
- SEBI Circular SEBI/HO/MIRSD/DPIEA/CIR/P/2020/173 – peak margin reporting; brokers must report the peak margin requirement of each client during the day. This directly affects how positions are monitored and reported.
- SEBI Circular CIR/MRD/DP/54/2017 and subsequent circulars on upfront margin collection – require that margins for all positions (intraday and carryforward) be collected before order placement.
- NSE/BSE F&O product specifications – define lot sizes, expiry calendars, position limits, and settlement methods for each contract.
Tax treatment of positions
Intraday equity (speculative business income)
Intraday equity positions squared off within the same day generate speculative business income (or loss). The gain or loss is the difference between buy and sell prices multiplied by quantity. Speculative losses can only be offset against speculative gains in the current year or the next four years, not against salary, capital gains, or F&O income.
F&O positions (non-speculative business income)
F&O positions – whether intraday or carryforward – are treated as non-speculative business income under the Income Tax Act. Gains are added to total income and taxed at applicable slab rates. Losses from F&O can be set off against any income except salary in the same year, and carried forward for eight years to be set off against non-speculative business income.
MTM accounting for carryforward F&O
The daily MTM credits and debits do not individually constitute taxable events; the taxable event occurs when the position is squared off or expires. The Tax P&L statement on Console computes realised F&O P&L at position close, not at each daily MTM.
Common operational issues
Positions showing after squaring off. If a squared-off position still shows as open (with non-zero quantity), it typically indicates a partial fill or a system lag. Refreshing the page or waiting for the end-of-day reconciliation usually resolves this.
Carryforward positions without NRML margin. Intraday (MIS) positions require lower margins but must be squared off same-day. If converted to NRML before 3:15 PM for carryforward, the higher NRML margin must be available. The Positions report shows the product type to identify which positions can carry overnight.
Compulsory close-out at expiry. Zerodha auto-closes short option positions approaching expiry (typically on the expiry day) if the risk management system determines exposure is excessive relative to available margin. The Positions report will reflect this as an auto-squared-off trade.
Related reports
- Console Holdings report – settled demat securities distinct from open positions.
- Console Tradebook – all trade executions including entries and exits of positions.
- Console Tax P&L statement – realised gains on closed positions.
- Console Funds statement – MTM debits and credits reflected in the cash ledger.
References
- SEBI Circular SEBI/HO/MIRSD/DPIEA/CIR/P/2020/173 – Peak margin reporting for client positions.
- SEBI Circular CIR/MRD/DP/54/2017 – Upfront margin collection framework.
- NSE, “Compulsory delivery in stock derivatives” – NSE Circular NSE/FAOP/39425.
- Income Tax Act, 1961, Section 43(5) – Definition of speculative transaction.
- Zerodha Support, “Understanding positions on Console and Kite” –
support.zerodha.com. - SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 – Record keeping for positions.